Automotive parts manufacturer Standard Motor Products, Inc. (SMP) announced Tuesday it has entered into a new five-year $750 million credit facility, with JPMorgan Chase Bank, N.A., as agent, and a syndicate of lenders.
The credit facility includes $310 million of term loans and a $440 million revolving credit facility, and allows for borrowing in multiple currencies. In addition, the company intends to use interest rate swap agreements to fix the interest rate on approximately $200 million of borrowings.
Standard Motor Products said the credit facility will not only provide the financing needed to complete the acquisition of Nissens Automotive by year-end, but also gives it additional flexibility to continue to execute on their capital allocation priorities of investing for growth and providing shareholder returns.
The credit facility replaces its existing facility and will mature in September 2029. The proceeds will be used to fund the acquisition of Nissens Automotive and repay all outstanding borrowings under the Company's existing credit facility.
The proceeds will also be used to pay certain fees and expenses that were incurred in connection with the credit facility, and for other general corporate purposes.
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